IT dept's new scheme aims to encourage efforts to curb black money

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With an aim of getting people's participation in the effort to unearth black money and curb tax evasion, the Income Tax Department has come out with a new reward scheme titled Benami Transactions Informants Reward Scheme, 2018.

Under this scheme, a person can be rewarded up to Rs. 1 crore for giving specific information on such transactions and properties.

Even the citizens belonging to other countries will also be eligible for such reward.

The government also assured that the identity of the whistleblower will be kept safe and strict confidentiality about his details would be maintained.